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A billionaire co-founder of one of the world’s biggest private equity funds
has challenged governments to set higher tax rates after backing Mitt Romney
over the low rate that the Republican candidate paid on his earnings.

David Rubenstein, the managing director of Carlyle Group, told an audience
that the private equity industry would “happily” pay more taxes but that it
was up to governments to enforce the level.

Mr Rubenstein, who earned nearly $140 million (£90 million) last year,
suggested that Mr Romney was following the law when he paid 14 per cent tax
on income of $21 million in